JPMorgan is not alone in this forecast as Pacific Investment Management Co., which runs the world’s biggest bond fund, also sees Europe sliding into recession and shrinking by 1% to 2% while growth in the United States stagnates.

Crude oil futures were up 0.13% and trading at US$79.95 a barrel at 9 a.m. Gold futures, meanwhile, slipped 0.53% to US$1,631.10 an ounce.